3-acre West Village tract on market; could bring $25M for hotel, condos

Three acres of low-rise commercial buildings in the Buckhead West Village area is being put up for sale by a group of German investors, according to a report by the Atlanta Business Chronicle, and could bring more than $25 million for redevelopment as a hotel or condo project.

Atlanta Business Chronicle graphic shows the West Village site that has just gone on the market for redevelopment.

The German investor group, known as Eight Hundred Corp., hired commercial real estate giant Cushman & Wakefield to market the 3-acre site,, which stands across West Paces Ferry Road from the St. Regis Atlanta hotel and just west of the Buckhead Whole Foods Market.

Apartment, office and retail developers may also take a run at the site, which is known as 99 West Paces. It fronts West Paces Ferry Road but also has access to the boutiques and other shops that line Paces Ferry Place near Irby Street, the ABC article suggests.

The parcel is also across West Paces Ferry Road from a 4-acre site where the Business Chronicle and BuckheadView reported earlier this year developer Terwilliger Papas is considering building a new project.

The Buckhead Village, including the area west of Roswell Road known as the West Village, is a mix of new high-rise apartments and upscale boutiques along with aging low-rise brick buildings. It is one of Atlanta’s busiest neighborhoods for new development. Now developers are starting to look toward West Paces Ferry.

Since the 1990s, Buckhead developers have concentrated most of their projects on vacant sites dotting Peachtree and Lenox roads near Georgia 400. A 2005-2009 office boom and a wave of new intown apartment projects since the recovery took many of the remaining sites.

Over the past two years, focus in Buckhead has shifted from developing vacant parcels near GA 400 to redeveloping existing properties, including several sites in The Village, which starts just south of Piedmont Road.

Land prices in the Village have also soared to more than $10 million per acre, and even higher for the prime spots, the ABC reports.